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Fitch: No Rating Change for EMC.(mortgage banks)(EMC Mortgage Corp)
New York -- Fitch Ratings said the opening of an FTC investigation into EMC Mortgage Corp., the loan servicing unit of Bear Stearns, is not sufficient cause to initiate a rating action at this time.
Earlier, Standard & Poor's put its "above average" ratings for EMC on "ratings watch with negative implications" because of the FTC action.
EMC received a civil investigative demand from the FTC seeking documents and data relating to the servicer's business and servicing practices. This has led to numerous investor inquiries regarding Fitch's ratings for EMC, which are the highest assigned in these categories and are as follows: alt-A and subprime servicer "RPS1" and special servicer "RSS1."
The FTC issued the CID pursuant to a Dec. 8, 2005 resolution of the FTC authorizing nonpublic investigations of various unnamed subprime lenders, loan servicers and loan brokers to determine whether there have been violations of certain consumer protections laws.
The FTC investigation is in a very early stage, as EMC is still in the process of gathering the extensive documentation requested by the regulator. Fitch intends to monitor the progress of the investigation and will initiate a rating watch or downgrade ...
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Source: HighBeam Research, Fitch: No Rating Change for EMC.(mortgage banks)(EMC Mortgage Corp)